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4 Best Whole Life Insurance Plans Singapore 2023 (Updated)

Here, we analyse and explore the best whole life insurance plans in Singapore 2023.

Whole life insurance plans are typically characterized by high premiums and can be more complex than term life insurance. Agents often promote whole life insurance as coverage that also includes savings that can be used for retirement needs.

In our opinion, we will consider a whole life insurance plan if we want lifetime coverage of critical illness coverage but do not want to commit to paying premiums for life.

We select the 4 Best Whole Life Insurance Plans base on 3 basic criteria:

  • Has a multiplier coverage feature
  • Has a regular but limited payment term feature
  • Able to add early stage critical illness coverage as a rider with 100% pay-out upon diagnosis

Here are our top 4 picks base on the following features

  1. Best whole life insurance with 2 out of 6 ADL disability payout  – HSBC Life – Life Treasure (II)
  2. Best whole life insurance with Lifetime Multiplier  – China Taiping i-Secure Legacy II
  3. Best whole life insurance with Pre-malignant tumour coverage  – Singlife Whole Life
  4. Best whole life insurance with cheapest premium – Etiqa Essential Whole Life Cover

This article is for general information only it is not an advise nor does it take into account the specific investment objectives, financial situation or needs of any particular person. Read our General Disclaimer

Best Whole Life Insurance with 2 out of 6 ADL Disability Payout

HSBC Life – Life Treasure (II)

HSBC Life Insurance

The HSBC Life – Life Treasure II (formerly known as AXA Life Treasure II) is a whole life insurance plan that stands out due to its unique features. One such feature is the ability to pay out a lump sum to the insured in the event that they are unable to perform two out of six activities of daily living (ADLs) under the Total and Permanent Disability Rider. This is in contrast to other whole life insurance plans, which typically only pay out under a total and permanent disability definition if the insured is unable to perform three out of six ADLs.

Another advantage of the HSBC Life – Life Treasure II is that it allows the insured to enhance their coverage by adding selected HSBC plans during significant life stage events without any medical underwriting.

Additionally, the HSBC Life – Life Treasure II offers an option to add on an Early Critical Illness Benefit (II) rider. This provides protection against 162 medical conditions, including 41 early, 37 intermediate, and 56 advanced stage critical illnesses, as well as additional payouts for 14 special conditions for the entire policy term and 14 juvenile conditions for life assured individuals under a certain age.

Finally, customers can also get up to 10 times their sum assured in the event of accidental death by attaching an Accidental Death Benefit Rider to their plan.

Here is why we like HSBC Life – Life Treasure II
  • Flexible limited premium payment term of 10, 15, 20, 25 or 30 years
  • Life Extender Multiplier of 1/2/3/4/5x till a variety of age range from 65/70 & 80
  • Lenient Disability Coverage base on 2 out of 6 ADL  between 16 – 70 years old
  • Early Stage Critical Illness Rider Covers up to 162 Medical Conditions and 14 Special Conditions and 14 Juvenile
  • Guaranteed Issuance of selected HSBC policies without underwriting during life events
  • Sum Assured Starts from $25,000
  • Option to bundle the plan with a maternity plan, allowing for the transfer of the plan to the baby without underwriting during birth.
  • Get 10x Sum Assured in the event of accidental death if Accidental Death Benefit Rider is added
What we don’t like
  • The only way to cash out is to take a policy loan or fully surrender the plan, no monthly income or partial surrender option at the later stage of the plan

Best Whole Life Insurance with Lifetime Multiplier –

China Taiping i-Secure Legacy II

 

China Taiping Logo

China Taiping has released its new i-Secure legacy II whole life insurance plan, the fourth version of their whole life product line, which has the potential to be the best whole life insurance plan available in the market if you are comfortable with the brand.

One of the standout features of this plan is its comprehensive coverage of critical illnesses, with individuals covered for a total of 161 conditions, including 42 early stage, 40 intermediate stage, and 55 advanced stage critical illnesses, as well as additional payouts for 12 special conditions for the entire policy term and 12 juvenile conditions for those under the age of 18.

China Taiping also offers lifetime total and permanent disability (TPD) coverage, and the option to enhance coverage on basic plans and riders until the age of 76 (previously 71) or 86.

A new feature for China Taiping is the Lifetime Multiplier benefit, which allows policyholders to continue enjoying a partially reduced multiplier benefit of 50% after either age 76 or 86, instead of having the multiplier benefit completely reduced after the selected multiplier age. This means that the guaranteed benefit/multiplier will not be immediately reduced to 50%, but will instead be gradually reduced over a period of time.

Here is why we like China Taiping i-Secure Legacy
  • Multiplier Factor of 2, 3, 4, 5x
  • Lifetime TPD Coverage
  • Multiplier benefit till age 76 or 86 (Longest in Market)
  • Enjoy 50% Guaranteed Multiplied Benefit for Life beyond Multiplier Age (76 or 86) or Basic Sum assured + Bonuses
  • Premium payment term choices of 5, 10, 15, 20, 25
  • Comprehensive Critical Illness Coverage with 161 Conditions (42 Early Stage, 40 Intermediate Stage, and 55 Advanced also provides additional 12 juvenile and special condition For Life)
What we don’t like
  • The only way to cash out is to take a policy loan or fully surrender the plan, no monthly income or partial surrender option at the later stage of the plan
  • Multiplier option do not have till age 70 which other companies have hence unable to provide apple to apple comparison with others

Best Whole Life Insurance with Pre Maglinant Tumour Coverage

Singlife Whole Life

Singlife Whole Life allows policyholders to choose a multiplier term until the age of 65, 70, or 75, making it one of the most flexible multiplier term benefits in the market.

This new plan also offers a wider range of premium payment terms, ranging from 10, 15, 20, 25 years or until age 65.

One unique feature of Singlife Whole Life is the option to receive a cash-out benefit in the form of a monthly income anytime after the age of 65.

Additionally, the Early Critical Illness rider V provides coverage for Borderline/pre-malignant tumors, a 4-day ICU stay payout on 20% of the Early CI basic sum assured, and lump sum payout coverage for up to 132 medical conditions.

Here is why we like Singlife Whole Life
  • Premium payment term option of Single Premium/5/10/15/20/25 years
  • Option to receive monthly income at a reduced sum assured any time after age 65 up to age 99 with minimum monthly income of $50
  • Pays 20% Early CI Sum assured for Premalignant tumour & 4 days ICU Stay
  • Multiplier benefit of 2x/3x/4x/5x
  • Early-stage critical illness covers 132 medical conditions and 27 special conditions.
  • One year premium freeze should you lose your job, you’ll not incur any interest charges.
  • Total Permanent Disability coverage for a lifetime
What we don’t like
  • Restrictive minimum sum assured of 50,000
  • Multiplier till age 80 no longer applicable in the revised plan

Best Whole Life Insurance with Cheapest Premium –

Etiqa Essential Whole Life Cover

Etiqa Insurance

After comparing various options, we have determined that Etiqa has one of the most affordable, if not the cheapest, whole life insurance plans available, with the only exception being that there are only multiplier options available until age 65 and 80 instead of the usual 70

Two key features of this plan are:

  1. The ability to choose a multiplier until the ages of 65 or 80.
  2. The option to receive regular yearly payments starting from the policy anniversary immediately after the insured reaches age 65, for a period of 10 years.
Here is why we like Etiqa Essential Whole Life Cover
  • Choice of premium payment term option of 5/10/15/20 years
  • Multiplier Option till age 65 & 80
  • Early Care Rider allows a 100% lump sum claim of up to 350,000 (one of the highest in the market)
  • Most competitive premium in the market for similar permutations
  • Total and Permanent Disability Covers for Whole Life
  • Guaranteed insurability benefit – Option to purchase another plan at certain life stages without proof of good health, in the event of marriage, birth or adoption of your children or graduation from tertiary education.
  • Multiplier benefit of 2/3/4x
What we don’t like
  • Multiplier option do not have till age 70 which other companies have hence unable to provide apple to apple comparison with others
  • Early/Advance Critical illness coverage are not comprehensive although the common conditions are adequately covered

Once again, we have done the homework to filter out the best whole life insurance plans in the market you can look into if you’re ever considering taking up a whole life insurance plan for yourself,

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